Banner Corp. receives regulatory approval for Skagit Bancorp acquisition
Banner Corp. previously announced that it had entered into a definitive merger agreement pursuant to which Banner will acquire Skagit Bancorp, the holding company for Skagit Bank, in an all-stock transaction, subject to the terms and conditions set forth therein. Banner has received all regulatory approvals required to consummate the proposed transaction, including the written approval of the Federal Deposit Insurance Corporation and the Washington Department of Financial Institutions, and written confirmation from the board of governors of the Federal Reserve System that no application was required to be filed with that agency. The transaction is expected to close in Q4, subject to approval by Skagit shareholders and other customary closing conditions. Upon completion of the transaction, the combined company will have approximately $11.4B in assets and branches across four western states.